Global Oil & Gas Discoveries Up, As Drilling Continues Apace
JANUARY 24, 2023
tags: oil
By Paul Homewood
h/t Dennis Ambler
While Keir Starmer wants to shut down North Sea oil, the rest of the world fortunately is not so stupid:
In a tumultuous year of change in the world, high impact drilling in 2022 remained at a similar level to 2021, with 81 high impact wells completing (Figure 1). Performance improved with discovered resource increasing from 7.4bnboe in 2021 to a preliminary estimate of 9.2bnboe in 2022, and the commercial success rate, i.e., the proportion of wells which may result in a potentially commercial development, increasing from 29% in 2021 to 36%, Westwood Energy authors wrote in their report this week.
High impact well numbers in 2023 look to be in line with 2020-2022 with 75-85 high impact wells currently expected to complete in the year. Higher oil prices in 2022 have not fed through into more exploration.
South America will continue to be a key region for high impact exploration, particularly in the Suriname-Guyana Basin and offshore Brazil. Argentina will see its first ever deepwater well drilled in 2023. Activity in North America is expected to rebound in 2023 following a quiet year in 2022 when only nine high impact wells completed. This will include more than five high impact wells in the US GoM, further commitment wells offshore Mexico, and a key frontier basin test in the Orphan Basin offshore Canada.
https://notalotofpeopleknowthat.wordpress.com/2023/01/24/global-oil-gas-discoveries-up-as-drilling-continues-apace/
